| 证券代码：601006 | 证券简称：大秦铁路 | 公告编号：【临 2024-046】 | | --- | --- | --- | | 转债代码：113044 | 转债简称：大秦转债 | | 大秦铁路股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●转股情况：截至2024年9月30日，累计共有人民币21,188,940,000元"大秦 转债"已转换为公司股票，转股数量为3,390,458,657股，占可转债开始转股前公 司已发行股份总额的22.81%。 ●未转股可转债情况：截至2024年9月30日，尚未转股的可转债金额为人民 币10,811,060,000元，占可转债发行总量的33.78%。 ●本季度转股情况：自2024年7月1日至2024年9月30日期间，"大秦转债"转 股的金额为3,925,895,000元，因转股形成的股份数量为638,243,166股，占可转 债转股前公司已发行股份总额的4.29%。 一、可转债发行上市及转股价格调整情况 经中国证券监 ...

| 股票代码:601006 | | --- | | 债券代码:113044 | 债券代码：113044 债券简称：大秦转债 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在一定 差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董事会 2024年10月9日 股票代码：601006 股票简称：大秦铁路 公告编号：【临2024-047】 大秦铁路股份有限公司 2024 年 9 月大秦线生产经营数据简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024年9月，公司核心经营资产大秦线货物运输量完成3201万吨，同比减少 10.74%。日均运量106.70万吨。大秦线日均开行重车66.7列，其中：日均开行2 万吨列车52.3列。2024年1-9月，大秦线累计完成货物运输量28644万吨，同比减 少9.14%。 ...

Investment Rating - The report assigns a "Buy" rating to Daqin Railway (601006) [2] Core Views - Daqin Railway is a leading player in China's west-to-east coal transportation, with stable operations and strong cash flow value [2] - The company's core asset, the Daqin Line, is a critical coal transportation route, accounting for 14.5% of national railway coal freight volume despite only 0.4% of total railway mileage [2][19] - The company has a robust dividend policy, with a cash dividend payout ratio of 58.1% in 2023 and a commitment to maintain a payout ratio of at least 55% from 2023 to 2025 [2][25] Business Overview - Daqin Railway primarily operates freight transportation, with coal transportation accounting for 70%-80% of revenue, while passenger transportation contributes 5%-15% [2][14] - The company's freight volume reached 7.26 billion tons in 2023, with coal shipments accounting for 85.5% of total freight volume [16] - Passenger revenue surged by 119% YoY in 2023, with passenger volume increasing by 111.5% YoY [17][18] Financial Performance - Daqin Railway's net profit reached 11.93 billion yuan in 2023, up 6.6% YoY, with a cash flow coverage ratio of 1.27x [2][23] - The company's operating revenue in 2023 was 81.02 billion yuan, a 6.9% YoY increase, with freight revenue contributing 612.38 billion yuan, up 0.8% YoY [6][16] - The company's dividend payout ratio has remained above 50% since 2019, with a cumulative cash dividend of 106.05 billion yuan from 2006 to 2023 [25] Core Assets and Expansion - The Daqin Line, spanning 658 km, is the company's core asset, with a designed annual capacity of 400 million tons and a peak capacity of 479 million tons [2][31] - The company operates 9 main lines and 8 branch lines, totaling 2,582 km in operating mileage, and holds a 41.16% stake in Shuohuang Railway, which contributed 2.47 billion yuan in investment income in 2023 [2][22] - The company also holds a 10% stake in Haoji Railway, which contributed 76 million yuan in investment income in 2023, a significant increase from -19 million yuan in 2022 [22] Freight Volume and Pricing - The Daqin Line's freight volume is expected to recover in the short term, supported by coal production stabilization in Shanxi, with a potential increase in the medium to long term due to coal source concentration and transportation structure reforms [33][36] - The company's freight pricing has been adjusted six times since 2011, with potential for further upward adjustments under the current pricing mechanism [44][46] Profit Forecast and Valuation - The report forecasts Daqin Railway's net profit for 2024-2026 to be 9.89 billion yuan, 11.28 billion yuan, and 12.03 billion yuan, respectively, with YoY growth rates of -17.08%, +13.98%, and +6.72% [47][51] - The company's dividend yield is expected to remain attractive, with a projected dividend per share of 0.30 yuan, 0.34 yuan, and 0.36 yuan for 2024-2026, corresponding to dividend yields of 4.98%, 5.68%, and 6.06% [57] - Using a DDM model, the report estimates the company's fair value at 6.87 yuan per share, supporting the "Buy" rating [58][59]

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Views - The company, Daqin Railway, is a leading platform for coal transportation under the China National Railway Group, showcasing stable operations and significant cash value [2][11]. - The core asset, the Daqin Line, is the first heavy-load railway in China, covering 658 kilometers and accounting for 14.5% of the national coal freight volume in 2022 [11][19]. - The company has maintained a high dividend payout ratio, with a commitment to distribute at least 55% of its net profit as cash dividends annually from 2023 to 2025 [11][25]. Summary by Sections 1. Company Overview - Daqin Railway was established in 2004 and listed on the A-share market in 2006, with a high ownership concentration, as the controlling shareholder, Taiyuan Bureau Group, holds 52.9% of the shares as of the end of H1 2024 [2][12]. - The company's main business is freight transportation, which contributes approximately 70%-80% of its revenue, while passenger transport accounts for 5%-15% [2][14]. 2. Financial Performance - The company has achieved a net profit exceeding 10 billion yuan since 2017, with a net profit of 11.93 billion yuan in 2023, reflecting a year-on-year growth of 6.6% [2][23]. - The cash flow is robust, with a cash coverage ratio of 1.27 times in 2023, indicating strong financial health [23][24]. 3. Dividend Policy - In 2023, the company distributed cash dividends of 6.929 billion yuan, with a payout ratio of 58.1% [25]. - The company has a commitment to maintain a cash dividend ratio of no less than 55% of the annual net profit, with a history of maintaining a dividend payout ratio above 50% since 2019 [25][11]. 4. Operational Capacity - The Daqin Line has a designed annual capacity of 400 million tons, with the actual freight volume reaching 422 million tons in 2023, indicating sufficient capacity [27][31]. - The company is exploring further capacity enhancements through optimizing train intervals, increasing train lengths, and improving load weights [27][28][30]. 5. Market Outlook - The report anticipates a recovery in freight volume in the short term, supported by policies aimed at stabilizing coal production in Shanxi province [33]. - The company benefits from a "three-layer safety cushion" that supports long-term freight volume growth, including the concentration of coal sources, structural reforms in bulk commodity transportation, and the competitive advantages of its main transportation lines [11][33].

大秦铁路股份有限公司 | 股票代码：601006 | 股票简称：大秦铁路 | 公告编号：【临 | 2024-045】 | | --- | --- | --- | --- | | 债券代码：113044 | 债券简称：大秦转债 | | | 二、其他说明 （一）增持主体表示，本次增持公司股份是基于对公司长期投资价值的认同， 将严格遵守《证券法》《上市公司董事、监事、高级管理人员所持本公司股份及 其变动管理规则》等有关法律法规的规定，增持股份完成后6个月内不减持其所 持有的本公司股份，不进行内幕交易和短线交易，不在敏感期买卖公司股票。 （二）公司将根据中国证监会及上海证券交易所的有关规定，关注公司董事、 监事、高级管理人员持有公司股票情况，及时履行信息披露义务。 （三）公司监事此次增持属个人行为，增持资金为个人的自有资金。截至本 关于公司监事增持本公司股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 本次增持情况：2024年9月23日，公司监事温敬先生，以自有资金通过二级 市场买卖方式增持公司股份9, ...

| 股票代码: 601006 | | --- | | 债券代码:113044 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 2024年8月，公司核心经营资产大秦线货物运输量完成3135万吨，同比减少 10.15%。日均运量101.13万吨。大秦线日均开行重车63.3列，其中：日均开行2 万吨列车49.0列。2024年1-8月，大秦线累计完成货物运输量25443万吨，同比减 少8.93%。 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在一定 差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 大秦铁路股份有限公司 董事会 2024年9月7日 债券代码：113044 债券简称：大秦转债 股票代码：601006 股票简称：大秦铁路 公告编号：【临2024-044】 大秦铁路股份有限公司 2024 年 8 月大秦线生产经营数据简报 ...

Group 1: Profit Distribution Policy - The company aims to continuously optimize long-term development and shareholder returns, with a high cash dividend ratio exceeding 50% since 2006, accumulating a total dividend amount of 106 billion yuan [1] - The cash dividend policy is set to distribute no less than 55% of the annual net profit attributable to shareholders from 2023 to 2025 [1] - In 2024, the company plans to implement a mid-term profit distribution, proposing a cash dividend of 2.36 billion yuan, accounting for 40.24% of the net profit [1] Group 2: Decline in Daqin Line Volume - The decline in the Daqin line's volume in the first half of 2024 is attributed to several factors, including strict regulations and low coal prices leading to a decrease in domestic raw coal production, particularly in Shanxi province [2] - Increased clean energy output and weak overall electricity demand have also contributed to the decline in coal consumption, affecting railway coal transportation demand [2] Group 3: Freight Situation in H2 2024 - The freight situation is expected to improve in the second half of 2024 due to a stabilizing national economy and a decrease in port coal inventory [2] - The end of the main flood season and the upcoming conclusion of summer transportation will further alleviate transportation constraints [2] Group 4: Passenger Transport Growth - In the first half of 2024, the company achieved a passenger volume of 23.49 million, a year-on-year increase of 22.54%, with passenger revenue reaching 4.911 billion yuan, accounting for 13.61% of main business revenue [2] - Key measures to enhance passenger transport include optimizing product structure, adjusting capacity dynamically, and improving service quality [2] Group 5: Innovation and New Productive Forces - The company encourages innovation and has invested in advanced technologies across various fields, forming a comprehensive technical system for heavy-haul railways [3] - Efforts include converting technological achievements into productivity and upgrading maintenance systems with digital and robotic technologies [3]

北京市众鑫律师事务所 关于大秦铁路股份有限公司 二〇二四年第一次临时股东大会的律师见证法律意见书 致:大秦铁路股份有限公司 北京市众鑫律师事务所(以下简称"本所")接受大秦铁路股份 有限公司(以下简称"贵公司")的委托,指派张燮峰、张金巨律师 出席贵公司二〇二四年第一次临时股东大会(以下简称"本次股东大 会")进行律师见证,对本次股东大会的程序合法性进行监督。根据 《公司法》、《证券法》、公司章程及其他规范性文件的规定,出具本 法律意见书。 本所律师根据《公司法》、《证券法》及其他规范性文件的要求, 按照律师行业公认的业务标准、道德规范和勤勉尽责精神,对贵公司 提供的文件和有关事实进行了核查和验证,现出具法律意见如下: 一、 本次股东大会的召集、召开程序 经本所律师核查,2024年8月10日,贵公司董事会在《中国证 券报》、《上海证券报》上发布了召开本次股东大会的会议通知,贵公 司通告公司股东于 2024年8月28日召开本次股东大会。会议通知规 定本次股东大会采用现场投票与网络投票相结合的方式召开。 二、 出席本次股东大会人员的资格、召集人资格 根据贵公司提供的股东名册、本次股东大会签名册,经本所律师 核查, ...

证券代码：601006 证券简称：大秦铁路 公告编号：临 2024-040 大秦铁路股份有限公司 第七届监事会第五次会议决议公告 会议审议通过了以下议案 1．关于《大秦铁路股份有限公司 2024 年半年度报告》及摘要的议案。 表决情况：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票。 2．关于《大秦铁路股份有限公司 2024 年上半年募集资金存放与使用情况专 项报告》的议案。 表决情况：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票。 3．关于公司 2024 年中期利润分配的议案。 表决情况：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 大秦铁路股份有限公司监事会，于 2024 年 8 月 16 日以电子邮件的方式向全 体监事发出召开第七届监事会第五次会议的通知和材料。会议于 2024 年 8 月 28 日在山西太原太铁广场召开。会议应到监事 7 名，实到 6 名，监事吕建军先生委 托监事会主席于峰 ...

| | | 大秦铁路股份有限公司 截至 2024 年 6 月 30 日，公司尚未使用的募集资金余额为人民币 30,230,057,696.43 元，募集资金账户余额为人民币 30,230,057,696.43 元。 二、募集资金管理情况 募集资金 2024 年上半年存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经公司 2020 年 4 月 27 日召开的第五届董事会第十七次会议、2020 年 5 月 20 日召开的 2019 年年度股东大会通过，并经中国证券监督管理委员会《关于核 准大秦铁路股份有限公司公开发行可转换公司债券的批复》（证监许可〔2020〕 2263 号）核准，公司于 2020 年 12 月 14 日向社会公开发行了 32,000 万张可转 换公司债券，每张面值 100 元，发行总额 32,000,000,000.00 元，扣除发行费用 人民币 26,055,660.38 元 （ 不 含 增 值 税 ） ， 募 集 ...